Snippets from > Growing old before growing rich, by Andrew Sheng

Snippets from > Growing old before growing rich, by Andrew Sheng

As Tennessee Williams said, “you can be young without money, but you can’t be old without it.”

• There is a major difference between being old in Asia and being old in the advanced countries. In 2011, private pension funds in nine Asian economies had assets of US$663bil or only 5.3% of GDP in 2011, way below the OECD average of 70% of GDP.
• In the past, when families were large, the young were the “pensions” of the old, because it was taken for granted that the young will take care of the old. Today, when many urban families have only one or two children, this dream is no longer possible.
• the reverse is happening. In Japan, single children in their twenties who still live with their parents are called Parasite single (parasaito shinguru). A single Chinese child today is showered with gifts and love from six adults (four grandparents and two parents). But when he or she becomes an adult, one cannot take care of at least four to six old ones.
• The lack of pension coverage or under-funding of pensions is a serious problem in Asia. low interest means that many pensioners face a problem of lack of income from their financial assets for adequate retirement purposes.
• There are several good reasons why governments should reform pensions as a matter of priority. Firstly, there is a question of adequacy of retirement income. Secondly, to be fair, more people should have pension coverage. Third, pension funding should be sustainable, because as Greece found out, there was simply not enough money to cover the generous pensions for civil servants.
• More pensions for more people will make for a more equitable society, which means that long-term pension funds can take long-term equity positions that invest in future green growth.

Denial: Self-deception, False Beliefs, And The Origins Of The Human Mind

DENIAL: SELF DECEPTION, FALSE BELIEFS AND THE ORIGINS OF THE HUMAN MIND..

Quote " ..... All major religions play on this and have evolved to assuage our doubts. They tell us that even after we die we will continue on in some other form, that there will be an after-life or another life. Billions of humans accept this on faith, without a single shred of evidence, because we are in denial of the reality of our mortality, because our intuition insists and whispers reassuringly that we are immortal. ........ We blithely dismiss the fact that we have irreparably altered the environment, that there have been countless extinctions within our lifetimes and many more to follow, that we have created an economic model that thrives on inequity, exploitation and human misery...... "

Denial: Self-deception, False Beliefs, And The Origins Of The Human Mind

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This is a meaty book that merits being read slowly to digest its thought-provoking ideas.

Snippets from > Growing old before growing rich, by Andrew Sheng

Snippets from > Growing old before growing rich, by Andrew Sheng

As Tennessee Williams said, “you can be young without money, but you can’t be old without it.”

• There is a major difference between being old in Asia and being old in the advanced countries. In 2011, private pension funds in nine Asian economies had assets of US$663bil or only 5.3% of GDP in 2011, way below the OECD average of 70% of GDP.
• In the past, when families were large, the young were the “pensions” of the old, because it was taken for granted that the young will take care of the old. Today, when many urban families have only one or two children, this dream is no longer possible.
• the reverse is happening. In Japan, single children in their twenties who still live with their parents are called Parasite single (parasaito shinguru). A single Chinese child today is showered with gifts and love from six adults (four grandparents and two parents). But when he or she becomes an adult, one cannot take care of at least four to six old ones.
• The lack of pension coverage or under-funding of pensions is a serious problem in Asia. low interest means that many pensioners face a problem of lack of income from their financial assets for adequate retirement purposes.
• There are several good reasons why governments should reform pensions as a matter of priority. Firstly, there is a question of adequacy of retirement income. Secondly, to be fair, more people should have pension coverage. Third, pension funding should be sustainable, because as Greece found out, there was simply not enough money to cover the generous pensions for civil servants.
• More pensions for more people will make for a more equitable society, which means that long-term pension funds can take long-term equity positions that invest in future green growth.

Racial polarization in Malaysia, politicians are responsible

I read this letter Lack of unity among young Malaysians worrying by NUR AQILAH MIZA ZULKIFLI with some hope that there are still some rational and right thinking Malaysians showing concern with the growing polarization that is gripping the country. I am also very concerned with the many mindless and provocative remarks posted by the young people in the Social Media, and as can be seen from such postings, young Malaysians ape their parents and the older generations. The main culprits for such 'goading' of the young minds are the politicians themselves, who directly or through so called NGOs make exceedingly provocative and seditious remarks. The really sad part of all these is the 'unthinking' way these politicians and NGOs announce their views in the mainstream and internet news media. It is a bit surprising, but maybe good for the country, that some of the younger upcoming politicians seem to be much more rational and unbiased towards race and religion.

The Government, and the anointed NGOs should really stop playing with fire and start thinking about the future of the country as a whole. If we cannot unite the youth through a unified Education system, and a floundering National Service programme, the least the politicians could do is to 'count to ten' before opening their mouths.

Glad for right thinking Malaysians

The Internet, and the "world at our feet"

For two days, our phone cable broke, and I was not on the Net.. Today, TM guys came and reattached the cable, and I am back in touch.. It also made me realise that a 40year old length of copper wire, now taped and joined with a shorter length, can start revolutions, do big business, spread pornography, destroy reputations, and even market sheep placenta and Spring, a Herbal Viagra.etc etc  It's a really humbling thought! A few electrons flowing at the speed of light literally at a touch, and the world can be smashed to smithereens...